A molecular model is used to calculate the free energy of mixed vesicles and cylindrical micelles, composed of lipid molecules and short chain surfactants. The free energy of both aggregates (modeled as an infinite planar bilayer and an infinite cylindrical aggregate) is represented as a sum of internal free energy and mixing entropy contributions. The internal free energy is treated as a sum of chain (conformational), head group, and surface tension terms. Calculating the free energy of each aggregation geometry as a function of lipid/surfactant composition and using common tangent construction we obtain the compositions of the bilayer and the micelle at the phase transition. By varying certain molecular parameters (such as the `'hard core'' area of the surfactant head group or the length of the surfactant tail) we study the role of molecular packing characteristics in determining the compositions at phase coexistence. We find, as expected, that upon increasing the preference of the surfactant for the micellar geometry (larger spontaneous curvature) the bilayer is solubilized at lower surfactant/lipid concentration ratios. For some typical values of the parameters used, reasonable agreement with experimental results for mixtures of egg phosphatidylcholine and octylglucoside is obtained.